In its largest single-property loan purchase to date, Freddie Mac Multifamily and Holliday Fenoglio Fowler, L.P., announced on April 9, that they closed on an $878 million loan for a historic, luxury apartment in Los Angeles. Home to approximately 10,000 residents, La Brea is the largest apartment community on the West Coast and is said to resemble a small city. It has 4,245 units comprised of high-rise towers and garden-style apartments spread throughout 144 acres. Freddie plans to securitize the loan through its K-Deal program. HFF arranged the financing for Prime Residential, one of the largest owners of multi-family rental communities on the West Coast, to retire existing debt.

The GSEs aren’t completely committed to adopting new credit scoring models just yet, but it is on their radar. When asked about the possibility of alternative credit scoring, spokesmen for both Fannie Mae and Freddie Mac pointed to the 2015 Conservatorship Scorecard which stated that they will be assessing the feasibility of alternate credit score models and credit history in loan-decision models. Housing and Urban Development Secretary Julian Castro, who spoke at a credit access symposium in Washington last week, said that the FHA is exploring new ways to determine the creditworthiness of consumers to increase access to mortgage lending. Housing industry leaders in attendance said Fannie Mae, Freddie Mac and other mortgage lenders could increase access....

Some 32 percent of first-time homebuyers said that referrals from friends, family or co-workers had a major influence on their choice of lender, compared with only 18 percent of repeat homebuyers.

Broker originations delivered to the GSEs increased by 16.0 percent in the first quarter of 2015 compared with the previous quarter, the biggest gain among the three production channels.

As a new day of mortgage disclosure practices nears, courtesy of the integrated disclosure rule from the Consumer Financial Protection Bureau, a strong supporter of eClosings and eMortgages – Fannie Mae – is extending the concept. The government-sponsored enterprise is working on eWarehouse lending in conjunction with eNotes. First, the borrower executes the eNote on a digital closing platform. “The closing system applies a tamper-evident seal to the eNote,” Fannie said ...

Although JPMorgan Chase recently inked a deal to buy $45 billion of Fannie Mae mortgage servicing rights from Ocwen Financial, the bank plans to keep shedding receivables, at least over the short term. In particular, according to interviews with deal makers and analysts, Chase could see its “servicing for others” portfolio fall to $600 billion from $800 billion over the next few years before it begins rising again. “These reductions will come in the form of runoff and ...

New Residential Investment plans to complete an asset purchase with Home Loan Servicing Solutions instead of a merger, the firms announced this week. New Residential agreed to pay HLSS $1.4 billion, largely in cash. The sale substantially mitigates servicer advance funding risk, according to industry analysts. The firms said New Residential acquired substantially all of the assets of HLSS and assumed substantially all of HLSS’ liabilities ...

Repurchase requests on new production are few and far between, according to the government-sponsored enterprises. Fannie Mae and Freddie Mac both recently issued reviews of their quality control processes, noting that lenders have plenty of tools to help ensure loan quality and avoid buybacks. Carlos Perez, a senior vice president and chief credit officer for single-family business at Fannie, said that as of the end of 2014, 0.33 percent of the single-family ...

Banks and thrifts reported a 10.3 percent increase in mortgage repurchases and indemnifications during the fourth quarter of 2014 compared with the previous quarter, according to an Inside Mortgage Trends analysis of call-report data. Despite the late-year uptick, 2014 still ranked as the most benign for the industry since banks began reporting repurchases in 2008. Institutions repurchased or made indemnifications totaling just $4.25 billion ... [Includes one data chart]

The average mortgage banking firm saw a decline in net income during the fourth quarter of 2014, but the industry ended 2014 in much better shape than it started the year, according to data reported by the Mortgage Bankers Association. The average firm participating in the MBA’s Quarterly Mortgage Bankers Performance Report earned $901,000 in pretax income during the fourth quarter. That was off 36.9 percent from the third quarter, and it brought total income for 2014 to ...